According to DataQuick, foreclosures accounted for 25% of Bay Area homes purchased in April. We’ve seen a lot of press over the last year on foreclosure activity in Conta Costa County and the Greater Bay Area. This is the first report, I have seen on the impact foreclosure purchases are having on home sales.

We’ve reported on foreclosure activity in San Ramon & Danville, Dublin, and Concord CA. We also noted how investor activity is increasing with foreclosure purchases. And, we have have also been reporting on how lenders are trying to help expedite the purchase of REOs (bank owned properties).

It is no surprise to us to read this news from DQ. In fact, it’s not really news to those who have been following the local real estate markets except for the actual figure.

Every week at the local Realtor marketing meetings in San Ramon, Pleasanton and Concord, we hear reports from our fellow professionals on increased home sales activity in Contra Costa County.

Craig, our foreclosure expert, has been talking with as many past clients as he can about the investment opportunity that exists today with all of the available REOs on the market. We are also noticing more buyers approaching us with an interest in bank owned properties.

We expect this 25% figure to rise. It will come as no surprise to us to see foreclosure sales account for 40% of all home sales in Contra Costa County by the end of the year.

If you have an interest in purchasing a foreclosed property (REO, bank owned), contact Craig – (925) 984-4910

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